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ACC 291 Week 4 Individual WileyPLUS Assignment

ACC 291 Week 4 Individual WileyPLUS Assignment
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ACC 291 Week 4 Individual WileyPLUS Assignment

 

Resource: WileyPLUS

Complete the following WileyPLUS Week Four Exercises and Problems:

 

·         Exercise Do It! 11-1

·         Exercise E11-15

·         Exercise E11-16

·         Problem P11-6A


Attachments:

ACC_291_Week_4_Individual_WileyPLUS_Assignment.doc (355 K)   Preview

Exercise Do It 11-1 Indicate whether each of the following statements is true or false. The corporation is an entity separate and distinct from its owners. The liability of stockholders is normally limited to their investment in the corporation. The relative lack of government regulation is an advantage of the corporate form of business. There is no journal entry to record the authorization of capital stock. No-par value stock is quite rare today 1True 2True 3False. Additional government regulation is a disadvantage of the corporate form of business. 4True 5 False No-par value stock is quite common today Exercise E11-15 On October 31, the stockholders equity section of Omar Company consists of common stock 600,000 and retained earnings 900,000. Omar is considering the following two courses of action (1) declaring a 5 stock dividend on the 60,000, 10 par value shares outstanding, or (2) effecting a 2-for-1 stock split that will reduce par value to 5 per share. The current market price is 14 per share. Complete the tabular summary of the effects of the alternative actions on the components of stockholders equity and outstanding shares. (If answer is zero, please enter 0. Do not leave any fields blank.) Before Action After Stock Dividend After Stock Split Stockholders equity Paid-in capital Common Stock HTMLCONTROL Forms.HTMLText.1 HTMLCONTROL Forms.HTMLText.1 HTMLCONTROL Forms.HTMLText.1 In excess of par value HTMLCONTROL Forms.HTMLText.1 HTMLCONTROL Forms.HTMLText.1 HTMLCONTROL Forms.HTMLText.1 Total paid-in capital HTMLCONTROL Forms.HTMLText.1 HTMLCONTROL Forms.HTMLText.1 HTMLCONTROL Forms.HTMLText.1 Retained earnings HTMLCONTROL Forms.HTMLText.1 HTMLCONTROL Forms.HTMLText.1 HTMLCONTROL Forms.HTMLText.1 Total stockholders equity HTMLCONTROL Forms.HTMLText.1 HTMLCONTROL Forms.HTMLText.1 HTMLCONTROL Forms.HTMLText.1 Outstanding shares HTMLCONTROL Forms.HTMLText.1 HTMLCONTROL Forms.HTMLText.1 HTMLCONTROL Forms.HTMLText.1 Exercise E11-16 Before preparing financial statements for the current year, the chief accountant for Springer Company discovered the following errors in the accounts. The declaration and payment of 50,000 cash dividend was recorded as a debit to Interest Expense 50,000 and a cr

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